Australian bank Westpac Banking Corporation has released its Climate Change Action Plan Update, committing the bank to removing thermal coal mining by 2030 and an emissions-intensity target set for the bank’s power generation lending that would likely exclude new coal while making it almost impossible to finance new gas power plants.

Commenting on the move, environment finance group Market Forces executive Director, Julien Vincent said, “Westpac’s policy is another nail in the coffin of the thermal coal industry and a stark warning to a federal government trying to leverage the COVID-19 pandemic to give the fossil fuel industry a leg up. This plan shows it won’t be happening with Westpac’s cooperation.”
“The bank also appears to have made a subtle commitment to not finance new oil and gas projects, indicating that any financing of the sector from this point on will need to be compatible with the Paris Agreement.

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